Sign up Australia
Proactive Investors - Run By Investors For Investors

Orion Minerals chairman takes stake to $3.8 million

Waddell served up another $69,000 in support for the company.
Orion Minerals chairman takes stake to $3.8 million
Waddell's company picked up the shares on-market

Orion Minerals Ltd (ASX:ORN) (JSE:ORN) chairman Denis Waddell has picked up another 2 million shares in a series of market trades.

The chartered accountant, who founded Tanami Gold NL in 1994, added to the substantial indirect stake he holds yesterday, through the private company Tarney Holdings Pty Ltd.

Tarney paid $69,000 for the 2 million shares in fast-tracked explorer Orion which has a market capitalisation of $63.7 million.

The old Prieska mine.

The company's flagship project Prieska.

An increased stake

Waddell now has 44,732,526 shares through Tarney and continues to have 66,982,220 indirectly-held shares through the DP Waddell Superannuation Fund.

The Orion chairman’s 111,714,746-share holding was valued at $3,798,301.364 at yesterday’s closing price of 3.4 cents.

READ: Orion Minerals investors Tembo Capital and Ndovu Capital up stake to 23%

Waddell also holds 12 million options priced at a variety of target prices up to 5 cents.

If he was to exercise the options, the efforts would add another $420,000 to the company’s cash balance which was sitting at $19 million after a two-part $17.3 million capital raising completed last month to help fund a definitive feasibility study.

Major investors Tembo Capital Mining Fund II LP and Ndovu Capital X B.V. (Ndovu) increased their majority stake in the South African asset holder by 5.58% to 22.99% during the raising, converting $6.3 million in loans in Orion into shares.

Independence Group NL (ASX:IGO) held an 8.23% stake on August 23 after the capital raising while substantial shareholder Waddell had 5.86%.

Orion board member Waddell was previously finance director at Metana Minerals NL group and has close to 30 years experience in finance roles, and with resource sector companies.

Orion's South African assets.

Orion’s South African assets.

About Orion

Earlier this week, Orion unveiled initial high-grade nickel-copper hits at Rok Optel nickel-copper-cobalt-platinum target on South Africa’s Areachap Belt.

The company has a number of projects on the prospective mineral belt, including its flagship project Prieska, for which Orion is currently preparing a bankable feasibility study to be published by early next year.

READ: Orion Minerals progresses South African assets with $19 million in the bank

The shuttered copper mine has a 29.4 million tonne zinc-copper resource.

Orion’s securities closed 0.1 cents or 3.03% up to 3.4 cents yesterday.

View full ORN profile View Profile

Orion Minerals Ltd Timeline

Related Articles

Picture of nickel symbol on periodic table
January 17 2018
Prineas flagged the potential development of a high margin low-cost mining operation.
October 09 2017
In the summer, Mathew Wilson was named chief executive, replacing Basil Botha, who remained as chairman.
picture of fridges
November 30 2017
Discussions are advanced over acquisitions in both the fluorspar and industrial minerals sector

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use